LM-2 Disclosures (Part II)

Last week I wrote about the LM-2 disclosures that allow the public to see exactly where unions spend many of their dollars.  Since then, I have received questions about where those dollars and spent, and how everyone can view the LM-2s on their own.  The LM-2s can be viewed a www.unionreports.gov. 

 

As for some interesting and informative reading about where the UAW spends (and loses) its members’ money, Michelle Malkin wrote a great article on her blog about the country clubs that are owned/operated by the UAW, as well as the failed airlines, failed radio shows, and other failed investments where the UAW has squandered it’s member’s money.  Here are some highlights of her post:

 

The UAW owns and operates Black Lake Golf Course – a “championship caliber” course opened in 2000 that’s part of a larger “family education center” and retreat nestled in 1,000 acres of property in Onaway, Mich. Spearheaded by former UAW president Steve Yokich, the resort also includes “a beautiful gym with two full-sized basketball courts, an Olympic-size indoor pool, exercise and weight room, table-tennis and pool tables, a sauna, beaches, walking and bike trails, softball and soccer fields and a boat launch ramp.” Like everything else we’re subsidizing these days, the UAW’s playground is a money pit. The Detroit Free Press reported earlier this year that the golf course (valued at $6 million) and education center (valued at $27 million) have together lost $23 million over the past five years. While membership in the union has plummeted, the UAW retains assets worth $1.2 billion.

 

Here is a video clip from FoxNews about the subject.

  

Also, in following up with my allegation that the Obama administration will try to prevent the transparency of LM-2 reports, some people have questioned that comment as just a prediction or guess.  And, of course, until it happens, they’re right.  But, my conjecture isn’t unfounded.  Even the Wall Street Journal reported that the AFL-CIO’s formal “recommendations” to the Obama team called for Secretary Solis to:

 

Temporarily stay all financial reporting regulations that have not gone into effect,” and “revise or rescind the onerous and unreasonable new requirements,” such as the LM-2 and T-1 reporting forms.  The explicit goal is to ‘restore the Department of Labor to its mission and role of advocating for, protecting, and advancing the interests of workers.”  In other words, while transparency is fine for business, unions are demanding a pass for themselves. 

The rest of this article can be viewed at the Wall Street Journal’s website by clicking here.

 

Without the transparent filings, we wouldn’t know that the UAW is valued at over $1.5 billion with $1.2 of that belonging to the national and the remaining $300 million spread out across the 200 local chapters.  Nor would we know:

  • The UAW has a $27 million woodland resort
  • The UAW has a $6 million golf course
  • The UAW holds $730 million worth of U.S. Treasury securities
  • The UAW holds $360 million in securitized debt
  • The UAW invested in mortgage-backed securities
  • The UAW owns its own buildings, usually valued at upwards of $1 million
  • The UAW national headquarters owns over $100 million in real estate
  • The UAW spent nearly $7 million in lobbying Congress in 2007 

Surely in a time when our country is not doing well financially and the auto industry has received enormous bailout money from the federal government, unions do not want this information to become public.  All of the UAW’s money comes directly from employees’ dues – a couple dollars at a time from each paycheck.

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One Response

  1. […] to what extent (and now we can assume not to the extent that Bush did).  I followed that up with commenting on Michelle Malkin’s great expose of the UAW’s LM-2 and how the UAW wastes its […]

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